TASMAN RESOURCES LTD — Capital/Financing Update 2003

May 20, 2003

TASMAN RESOURCES NL

ACN 009 253 187 Level 40, Exchange Plaza 2 The Esplanade, Perth, Western Australia 6000 Telephone: (08) 9282 5889 Facsimile: (08) 9282 5955 Email: rbuscall@tasmanresources.com.au Website: www.tasmanresources.com.au

AUSTRALIAN STOCK EXCHANGE ANNOUNCEMENT

21 MAY 2003

ISSUE OF ORDINARY FULLY PAID SHARES

Tasman Resources NL ("the Company") announces that on 20 May 2003 it has issued 700,000 fully paid ordinary shares at an issue price of 10 cents per share raising a total of \$70,000.00. These shares have been issued in accordance with sections $708(1)$ and $708(8)$ of the Corporations Act 2001 (Cth) ("the Act") and under the 15% placement rule of the Australian Stock Exchange Listing Rules. A commission of 6% is payable to Australian Financial Services Licencees.

The funds will be used to extend the current drilling programme at the Lake Torrens Project.

Information Notification - Secondary Trading

For the purposes of Item 5 of Category 1, Schedule C of Class Order 02/1180 referred to below. the Company also notifies the ASX that all of the securities being issued will fall within Category 1 of the Class Order 02/1180 issued by the Australian Securities and Investments Commission on 29 November 2002, which alters the secondary trading provisions of the Act in specified circumstances, and that all information of the kind that would be required to be disclosed under subsection $713(5)$ of the Act if a prospectus were to be issued in reliance on section 713 of the Act in relation to an offer of securities has been disclosed to the ASX.

Gregory H. Solomon Executive Chairman Dated 21^st day of May 2003